India: Orient Cement Q2 net down 35% at Rs 28 crore

Diversified CK Birla group firm Orient Cement today reported a 35.35 per cent decline in its net profit to Rs 28.01 crore for the September quarter due to lower income and higher expenses and finance costs.

The cement maker has registered a net profit of Rs 43.33 crore for the corresponding quarter in the last fiscal.

Its net sales declined to Rs 355.04 crore in the July-September quarter of the current fiscal as against Rs 384.12 crore in the same quarter of the previous fiscal.

Total expenditure of the company rose to Rs 331.09 crore during the quarter under review as against Rs 318.06 crore in a year-ago period.

Finance cost of the company during the quarter increased to about Rs 5 crore as against about Rs 4 crore in the year-ago period.

As part of the growth plan to reach 15 million tonnes per annum (MTPA) capacity by year 2020, Orient Cement is setting up a facility of three MTPA at Chittapur, in Gulbarga at an investment of about Rs 2,000 crore.